Technology stocks may be about to drown in their own greatness, says JPMorgan

The deadline for a pre-election stimulus package, badly needed by millions of Americans, is fast approaching.

Our call of the day from JPMorgan strategists says earnings season may offer the first sign that tech stocks are about to drown in all that greatness. “The potential peaking out in tech EPS [earnings per share] revisions versus other sectors might facilitate a rotation further down the line,” said Matejka. He pointed to the below chart that shows how upward revisions to tech earnings are starting to weaken, even as the sector keeps bounding ahead.

IBM IBM, -0.32% shares are down after the technology company reported another revenue fall and no outlook.Intel INTC, +0.77% has reached a roughly $9 billion deal to sell its flash-memory manufacturing business to South Korea’s SK Hynix 000660, -1.73%.

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